Morning journal and courier., 1887-09-24
THE sTRINGENCY IN MONEY
Met to Some Extent by the Pres1dent'l
 order to Buy Bonds.

Of0eF 10 Buy BOnQss
 NEW YORK, Sept. 23.-Bradstreet's weekly trade review says: Special telegrams from the more important domestic financial cen- ters indicate that a large share of reported harm to trade caused by tight money has been unfounded. This is conclusively shown in series of reports to Bradstreet's of the effect of the stringency on general busi- ness at the larger money centers. There has been some unfavorable influence exerted among jobbers and other merchants at New York, Philadelphia and Boston due to the difficulty in obtaining liberal discounts and because of rates having been sharply advan- ced for the best commercial paper. The loan markets have been quite stiff and paper has ! been scanned much more closely than usual at Pittsburg. Cincinnati, Detroit, Chicago, St. Louis, Kansas City, St. Joseph, St. Paul and Minneapolis, but no actual stringency has been noted at those cities and regular customers of banks have been protected. But the inability of the weekly purchases of bonds by the treasury to bring relief at the East had excited the commercial public and talk of a squeeze and possible panic had stimulated caution among lenders, so that some relief was necessary. This was met by the Presidents order to buy $14,- GOO, 900 of and Az per cent. bonds, but call rates only have become easier. Mercantile collections west continue fair and with the increasing crop movement promise to become easier. Reports of heavy cash surplus in the national treasury are not easy to verify. The official statement of net cash in the treasury shows a decline September 1 of nearly $32, 1000, ,000 as compared with the same date year ago and of about $5, ,000, ,000 as compared with the same date two years ago. This apparent decrease is mainly due to the inclusion among the liabilities of near ly $40, ,000, ,000 in the net reserve of deposits held for the redemption of retired bank note circulation more than was so held year ago and more than $60, 900, 900 in excess as com pared with two years ago. Taking into consld- eration disbursing officers accounts and 8 few smaller items in the same class the actual increase of cash in the treasury over one year ago is but $15,000,000 and over two years ago but $7O, ,000,0 900. Special returns of 1O6 railways for eight months of 1887 show gain of fourteen per cent. over like period in 1886, nineteen per cent. over 1885 and sixteen and a half per cent. in 1884. The increase of earnings for August, 1887, over 1886 was 9.3 per cent, over 1885 was % per cent. and over 1884 was 20 per cent, which shows gain over the July percentages of increase, 1887 over 1886 and over 1885, Bank clearings at thirty-eight cities this week aggregate $1, ,014, ,456, 123, nearly eight per | cent. more than last week and over four per cent. in excess of the total for the like week
 last year. Bradstreet's reports 145 failures. in the
 United States for the past week against IA
 for the previous week and 156, 149, 2O6 and
 | 177 for the corresponding weeks of 1S86, 1885, 1884 and 1883 respectively. The mid-
 de States had 40, New England 28, southern
 | 19, western A and Pacific territories IA.
 Canada had 201, decrease of from the | preceding week,